Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,190/mo
Lowest payment- Down payment
- $94,784
- Funds due
- $106,163
- Interest + MI left
- $167,122
- First ends
- Dec 2051
Assumption
Assumption + second
$2,624/mo
+$434/mo- Down payment
- $40,784
- Funds due
- $53,439
- Interest + MI left
- $269,540
- First ends
- Dec 2051
New loan
New conventional
$3,077/mo
+$888/mo- Down payment
- $40,784
- Funds due
- $50,052
- Interest + MI left
- $544,703
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $305,216 | $305,216 | $359,216 |
| Second mortgage | — | $54,000 | — |
| First P&I | $1,428.31 | $1,428.31 | $2,487.14 |
| Second P&I | — | $434.50 | — |
| Mortgage insurance | $243.07 | $243.07 | $71.84 |
| Taxes, insurance & HOA | $518.50 | $518.50 | $518.50 |
| Total housing payment | $2,189.87 | $2,624.37 | $3,077.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,784
Closing costs & prepaids$12,656
Usable credit−$0
Total buyer cash needed$53,439
Earnest money paid−$0
Remaining funds due$53,439
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$667.50
Initial HOA (3 months)$438.00
Prepaid interest, first (2 days)$48.50
Prepaid interest, second (2 days)$26.63
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing25 yr 1 moOf the original 30-year loan at 2.900%
Interest already paid$46,333Through Nov 2026
Assumption only · ends Dec 2051$167,122
Assumption + second · ends Dec 2051, second Dec 2056$269,540
New conventional · ends Dec 2056$544,703